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SERVICE CORPORATION INTERNATIONAL SIGNS CONSENT AGREEMENT TO PROCEED WITH PIERCE BROTHERS ACQUISITION

 SERVICE CORPORATION INTERNATIONAL SIGNS CONSENT AGREEMENT
 TO PROCEED WITH PIERCE BROTHERS ACQUISITION
 HOUSTON, Nov. 27 /PRNewswire/ -- Service Corporation International ("SCI") (NYSE: SRV) today announced that it has negotiated an agreement containing consent order with the Federal Trade Commission with regard to the proposed acquisition of Pierce Brothers. Under the agreement, SCI will divest four Pierce Brothers funeral homes in southern California to resolve issues raised by the commission staff. SCI further announced that the Hart-Scott-Rodino waiting period applicable to the merger expired on Nov. 26, 1991. Closing of this transaction is expected before the end of the day today.
 The funeral and cemetery operations of Pierce Brothers includes 60 funeral homes, nine cemeteries and 11 other funeral related businesses. The purchase price consists of 1.5 million shares of SCI stock, $17.5 million in cash and prepayment or assumption of approximately $82 million in debt.
 Service Corporation International is the largest owner and operator of funeral homes and cemeteries in North America, with operations in 38 states, the District of Columbia and four Canadian provinces. Closing the Pierce Brothers acquisition will increase SCI's operations to 653 funeral homes and 166 cemeteries.
 -0- 11/27/91
 /CONTACT: Bill Barrett of SCI, 713-525-5497; or Barbara Sands of Burson-Marsteller, 212-614-5219, for SCI/
 (SRV) CO: Service Corporation International; Pierce Brothers ST: Texas, California IN: SU: TNM


GK -- NY003 -- 7622 11/27/91 08:41 EST
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Publication:PR Newswire
Date:Nov 27, 1991
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